The vaccine market size accounted for $32.46 billion in 2019, and is expected to reach $54.15 billion by 2027, registering a CAGR of 6.6% from 2020 to 2027.
The growth of the global vaccine market is attributed to increase in incidence of infectious diseases and promising vaccines in late stage of pipeline majorly drives the market growth. Furthermore, surge in investments by government on immunization programs and rise in awareness for immunization in developing countries further contribute toward the growth of the market.
Rise in immunization programs worldwide is one of the major factors that boost the growth of the vaccine market. In addition, factors such as surge in awareness related to the use of vaccines and increase in adoption of vaccination across the globe fuel the growth of the vaccine market.
The cancer vaccines market is expected to experience a significant growth during the forecast period, owing to rise in demand for novel cancer vaccine products, increase in prevalence of HPV infections, surge in public awareness toward cancer diseases, and rise in investments by government & private organizations for production of new cancer vaccines. Moreover, rise in adoption rates of preventive and therapeutic vaccines, technological advancements in cancer vaccines, increase in number of cancer cases, and launch of novel cancer vaccines further boost the cancer vaccines market growth. However, high cost for developing cancer vaccines and longer time span required for manufacturing a single vaccine are anticipated to restrict the market growth. Furthermore, growth in transition from prophylactic to therapeutic cancer vaccines is expected to offer lucrative opportunities in the near future.
Key Findings Of The Study
- The study provides an in-depth analysis, current trends, and future estimations of the global vaccine market to elucidate the imminent investment pockets.
- Comprehensive analysis of factors that drive and restrict the vaccine market growth is provided.
- It provides an extensive analysis of key segments to understand the type of products and indications used globally.
- Extensive analyses of key segments of the industry help understand the types of products and technologies used across various geographies.
The key players operating in the vaccine market include Serum Institute of India Pvt. Ltd., Pfizer, Johnson & Johnson, AstraZenecea plc, GlaxoSmithKline plc, Sanofi Aventis, Merck & Co., Inc., Emergent BioSolutions Inc., and CSL Limited, Novavax, Inc.
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